Discussion and Analysis of Extensive Deglobalization Impacts Around the Globe

Discussion and Analysis of Extensive Deglobalization Impacts around the Globe
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Introduction
One of the most unique aspects of the modern digital world is the emergence of globalization as a characteristic feature of human societies. Even though scholars differ in developing an effective and applicable definition of globalization, one may simplify this global phenomenon by terming it as unprecedented interdependence among world nations in domains of social affairs, economics, and cultural norms (Shrestha et al., 2020). Critics have evaluated globalization as the culmination of centuries of technological advancement and growth in international cooperation. Globalization gained popularity after the Cold War in the 1990s, and ever since, the exponential growth of cross-border trade, global flow and exchange of technology across the globe, and greater cooperation among countries has increased global growth.
At the beginning of the 21st century, however, the emergence of a new unprecedented phenomenon called “deglobalization” began to gain traction in global society, and this new trend significantly destabilized the growth and acceptance of globalization. Deglobalization refers to the growing tendencies of global societies to focus on individual economic, social, and cultural growth characterized by their preferences for disentanglement from global contracts and the development of power national and local forces (Kornprobst & Wallace, 2021). Deglobalization has promoted protectionist governments, and as countries have become more protectionist and less willing to work together internationally, it has messed up global supply lines and caused a complex web of economic, social, and political effects (Bloomberg, 2020).
COVID-19 was the worldwide disease that woke people up to the need to stop globalization. This pandemic promoted deglobalization since it was marked by restrictions on global traveling, extensive and stricter mobility regulations, and severely diminished trade and economic activities due to lockdowns. The broad effects of the pandemic showed how fragile a world is that is used to ease global trade and linked economies. Since technology can help lessen the effects of deglobalization, it is imperative to analyze how the digitalization of supply lines, 3D printing, and artificial intelligence have become powerful tools for adapting to a world economy that is becoming more fragmented. These tools solve problems and change the future of business by introducing new ways of doing business and making it more robust (Stanojević, 2020). Many companies worldwide have now found ways to deal with the adverse impacts of deglobalization. Diversifying supply chains, helping domestic industries, and rethinking foreign relations are all ways to adapt to a changing economy.
With the change in the global supply chain caused by deglobalization, the pattern of employment and its requirements experienced a radical shift; additionally, deglobalization has caused a reduction of a considerable number of jobs in mul...